The ratings on leading France-based construction and engineered materials manufacturer and distributor Compagnie de Saint-Gobain (Saint-Gobain) reflect Standard&Poor's Ratings Services' view of its strong business risk profile. Underpinning this are a broad business mix, geographic diversity, large size, and solid market positions. Partly offsetting these strengths is Saint-Gobain's significant financial risk profile; and its exposure to cyclical end-markets, notably construction and auto, and to energy and raw material input costs. Sales for 2010 proved to be resilient, with like-for-like sales increasing by 1.9% over the year, and 6.2% on a reported basis to €40.1 billion, compared with the 13.7% decline over 2009. First quarter 2011 results also point toward a robust recovery, with 9.6% like-for-like and 12.2% reported
